states share least oil revenue since 2014 - Nigerian govt.

The Nigerian government shared N299.75 billion with 36 states and local government areas of the federation

for the month of March — the lowest total revenue for the three tiers since global oil price began to decline late 2014.The allocation was N39.12 billion less than the N338.77 billion shared in February.The Accountant General of the Federation, Ahmed Idris, said in his secretariat report at the end of the Federation Accounts Allocation Committee, FAAC meeting in Abuja on Thursday that gross statutory revenue received for the month was about N232.62 billion, against N270.5 billion received in the previous month.Although the usual problem of disruption of oil production continued as a result of shut-ins and shut-down of oil facilities for repairs and routine maintenance during the month, Mr. Idris said there was slight increase in output, resulting in a marginal income due to a 10 per cent drop in crude oil price.He said the drop in average price of crude oil from $43.40 in November to $39.04 in December 2015 accounted for about $22.55 million loss in revenue for the month.Besides, he said there was a significant drop in revenue from the petroleum profit tax, PPT, from the multi-national oil companies and the corporate income tax, CIT.The Nigerian National Petroleum Corporation, NNPC, paid the refund of N6.33 billion to the federal government in respect of the N450 billion revenue indebtedness to FAAC, which also realized an exchange gain of N2.9 billion to be distributed among the three tiers of government.The balance in the excess crude revenue account grew marginally from $2.26 billion to $2.3 billion.